Biotin prices in India are projected to reduce as demand declines and the US dollar value fluctuates
- 07-Feb-2022 1:22 PM
- Journalist: S. Jayavikraman
Despite the wobble in the markets over the past few weeks owing to several factors, including restrictions to curb the Omicron variant spread, disrupted import-export, dollar fluctuations, and others, Indian equities remain expensive as measured by several yardsticks. In India, the market capitalisation-to-GDP ratio has touched a multi-year high in the first month of 2022. According to an industry expert, the current ratio is 116 percent, based on the FY22E Gross Domestic Product (GDP) number, which is higher than its long-term average of 79 percent since 2007. As presented by the Finance Minister of India on February 1st, Budget 2022 brings a sense of optimism and reflects the government's continued focus on 'Make in India', which relies on decreasing the dependency on imports from other countries. India has always been a major door for global pharmaceutical and nutraceutical products. The Indian nutraceutical market has grown at a healthy CAGR of 40% month-on-month since 2020 and is expected to grow at approximately USD 20 billion by 2025. The imports from China got disrupted amid rising COVID-19 cases at the country's major ports, due to which several Chinese companies suspended their operations, affecting the supply of nutraceutical products in India.
As per ChemAnalyst, the prices of pharma grade Biotin are anticipated to decline in the Indian domestic market in the upcoming weeks due to decreased demand and dollar fluctuations. The Ex-Mumbai Biotin prices deescalated from USD 548580.82/mt to USD 541890.81/mt from January 28th to February 4th, showcasing a decline of 1.21% in the first week of February. Indian traders stocked their inventories more than necessary as they feared the shutdowns and closure of the market ahead of the Lunar New Year and Beijing winter Olympics, due to which the demand for Biotin has reduced from the international market owing to enough availability of the product.
Indian customers have now become more aware of the global trends and started focusing on everyday concerns like hair loss, sleep and skin disorders, gut issues, and others, taking health and personal care into consideration. When it comes to multivitamins, each vitamin has specific benefits and is essential for keeping the body functioning normally. Biotin is a B vitamin that has been proven extremely beneficial in improving the health of hair, skin, and nails. ChemAnalyst concludes that its demand will remain high within the domestic market. However, the traders won't be importing it from China as of now.